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Great Software Business for sale in City of London
City of London, Greater London
Business overviewStreats is a unique app that showcases the best Street food in London with over 200 stalls. The business centres around an iOS application with a back end system to manage the content.
Developed by leading app development firm, Borne Digital (borneagency.com) Streats is the leading Streat Food directory in London.
Recently the team have further enhanced the product by including the ability for users to create profiles and add tips and photos of the stalls they have visited. The vision behind Streats was to create a large community of street food lovers and also a platform for people looking to find something different than a Pret sandwich for lunch.
Currently the app has 1,500 with very minimal marketing efforts, and currently has an Instagram following of around 1,600. The brand has been gaining some real traction and the potential for expansion is huge. This is a hugely scaleable business that represents a very big opportunity to a purchaser with the ability to further invest and scale the business. We also have new designs and the functionality for stalls to manage their own profiles, which could potentially be monetised down the line.
There are several monetisation strategies that the team were planning to implement once we built the user base up enough. The first was allowing the stalls to have access to their profiles via an online portal. They would be charged a monthly fee to be on the app and there would be several tiers dependant on what features the stall wanted. For instance, a stall could want to promote their listing and be top in their area. An Instagram style sponsored post for instance.
The second monetisation strategy would be to create a 'Streats Card'. This would behave in the same way that Taste Cards do for restaurants. Users would purchase a subscription to Streats and in return they would receive discounts on their favourite street food vendors. The incentive for vendors here would be to push promotions on less busy times and further drive sales.
Why are we selling?
The Streats brand and platform was born out of a collective love of food and in particular street food. We spotted a gap in the market and have developed a strong brand and mobile app. Sadly, we no longer have the funds to continue the development of the product and also pay for marketing to increase our user base. We imagine the product is around 6 months away from making money as it is important for any purchaser to continue the development of key features and build the user base, before charging for the service.
The purchaser of Streats would be inheriting all the code, designs and current user base. This is a business that can initially be run from anywhere and can be expanded exponentially. Currently it only covers London, so there is the potential to expand way beyond that. There would be no staff and team to take over and manage, so the purchaser could run the business as they wish. The developers of the product would be on hand to assist with the transition and help with any future updates if need be.